An exchange is a place to buy coins, not a place to make money

1. Private equity tycoon Yang Yongxing angered OK Exchange

Recently, the conflict between Yang Yongxing, a tycoon in the stock market private equity industry, and OK Exchange has been exposed. The incident has become a hot spot in the circle.

To put it simply, Yang Yongxing accused OK Exchange of blocking his account and swallowing his coins, while Xu Mingxing of OK Exchange accused him of being a modern version of a farmer and a snake.

2. Who is Yang Yongxing?

Yang Yongxing is a legend in the private equity market.

Yang Yongxing was born in an ordinary worker's family in Zhengzhou. When he was in junior high school, he followed his father to get involved in the stock market and started investing with 20,000 yuan in his father's account.

Later, he became famous in the first battle in 2006 and 2007, and won consecutive championships in the Chaoyang Sustainable China Private Equity Fund List. He is also the only player who has won two consecutive championships on the China Private Equity Billboard in the past 12 years. "

In the 2007 Chaoyang Everlasting Real Offer Competition, Yang Yongxing completed the seemingly impossible task with a rate of return as high as 1497% in 10 months, which can be called miraculous. At that time, Yang Yongxing was only about 26 years old, and he had been trading in stocks for less than 10 years.

On December 11, 2009, when the trust product "Yongsheng Huiyuan Steady Appreciation" established by Yang Yongxing was publicly issued, the subscription enthusiasm was beyond imagination, and there were market rumors that billions of funds came to the door.

3. The dispute between Yang Yongxing and OK Exchange and Xu Mingxing’s response

At the end of 2017, Yang Yongxing got involved in digital currency investment.

"However, in July this year, Yang Yongxing discovered that his accounts on the OKEx exchange and the OKCoin platform were cancelled. He said that there were still about 4.1 million OKB and about 1 million USDT in the account at that time, corresponding to a value of about 140 million yuan".

"The Shenzhen Notary Office of Guangdong Province notarized the freezing of Yang Yongxing's account on the OKEx exchange, the non-existence of OKEx platform users, and the email exchange records between Yang Yongxing and the OKEx platform."

According to Yang Yongxing: "At the beginning of 2018, during the process of participating in digital currency investment and trading, he found that digital currency investment is quite different from traditional securities investment, lack of supervision, data is not open and transparent, and the data of the OKEx trading platform where he is located is not completely true. It is credible that he is not optimistic about the overall market situation, and OKEx has been in a turbulent period of drastic personnel changes and various rights protection incidents for a long time, so he came up with the idea of ​​​​withdrawing from the digital currency investment on the platform.”

In the subsequent negotiations with OK, the conflict between the two sides became more and more serious, and finally the above-mentioned incident happened.

Xu Mingxing of OK responded quickly to Yang Yongxing’s statement, pointing out that in 2017 Yang Yongxing found him through an intermediary and promised to help the company, so with Xu’s help, he bought 1% of the shares from the old shareholders; Over the past year, Yang failed to fulfill his promised service, but the company created 100% return for him; Yang was dissatisfied with this return and asked for several times the excess return, which was rejected by the company's board of directors, and then began to attack OK and Xu. myself.

4. Warnings and lessons for investors from this incident

Regarding the whole incident, both parties are now holding their own opinions, and Yang has already gone through the legal process. Regarding the behind-the-scenes truth of this incident, there are various rumors and analyzes on the Internet. We will not speculate here, but only from the descriptions of the two parties to see which incidents are what our ordinary investors want in digital currency investment. Lessons learned and caveats.

1）As an ordinary investor, do not enter the market during the bull market cycle for long-term investment.

Yang Yongxing entered the digital currency investment at the end of 2017. Entering from this time node, it is doomed to fail from the beginning. At this point in time, he entered the digital currency as an outsider, no doubt attracted by the hot market of the entire digital currency at that time.

From this we can see that no matter whether it is a big boss or an ordinary retail investor, it is difficult to refuse the temptation. However, for long-term investment, the first thing we should do is to refuse the temptation.

"Risk is always when there is a lot of people, and opportunity is always when there is no sound."

We can pay attention to a market or a variety because of the hot market, but don't rush into the market because of the hot market. If you are really optimistic about the market in the long term, you have to wait until the market cools down before entering the market.

2）The exchange is just a place where we buy coins, not a place to make money

Yang Yongxing said in his description: the digital currency exchange is not supervised now, the information is not transparent, and the data is not completely credible, so he has the idea of ​​​​exiting.

So here we once again advise ordinary investors not to spend too much energy and a lot of money on exchanges, and don't expect to make a lot of money from transactions based on the data and information of exchanges, let alone participate in leveraged transactions.

Recently, more friends have consulted, because people often buy digital currency on the trading platform and their bank cards are frozen. Reduce transactions and reduce the number of deposit and withdrawal operations, so that this situation can be avoided with a high probability.

The exchange is just a place where we decide to invest and buy coins, and the bought coins will be withdrawn to our own wallets after depositing a certain amount.We make money in this market by relying on the rising dividends of the digital currency itself rather than by market fluctuations.